Increasing Demand for Condensed Milk | Projected Compound Annual Growth Rate of 6.5% in the Condensed Milk Market
The global condensed milk market is expected to experience steady but moderate growth between 2025 and 2034, according to recent projections. The market is expected to grow at a compound annual growth rate (CAGR) of around 0.8% to 1.6% in volume, with value growth slightly higher, ranging from 1% to 2.5%, depending on the specific geographic area.
Key factors driving this growth include the increasing demand for dairy products in both emerging and developed markets, rising consumption in the GCC region, and steady consumer demand for unsweetened condensed and evaporated milk. The development of new applications in food and beverage industries is also sustaining demand growth.
The GCC region is expected to see a CAGR of +1.6% in volume and +2.5% in value from 2024 to 2035, reaching a market value of approximately $724 million by 2035. The Asia Pacific region is experiencing the fastest growth in the global condensed milk market, fueled by rising disposable incomes and increasing demand for dairy-based and convenience foods in countries like India and China.
Dairy-based condensed milk accounted for 86.7% of the global market in 2024, with sweetened condensed milk leading the category, capturing a 72.3% market share. The confectionery industry is the top end-user, contributing 28.4% of demand for condensed milk.
In the dairy industry, companies like Nestle, Vinamilk, Friesland Campina, and Amul are investing in innovation, sustainability, and market expansion to meet evolving consumer needs. For instance, Nestle's Carnation brand launched the "Carnation Makes Memories" campaign across the UK, tapping into childhood dessert nostalgia and positioning condensed milk as a key ingredient in homemade treats.
Vinamilk secured Carbon Neutral certification for two factories and one farm in Vietnam, accelerating progress towards its Net Zero by 2050 emission goals. Meanwhile, Milk Mantra Dairy recently raised USD 10 million to scale its operations, and Doodhvale Farms raised USD 3 million in funding. Stellapps secured USD 26 million for nationwide dairy expansion.
GCMMF underwent leadership change, with Ashok Chaudhary (Mehsana Dairy) elected chairman and Gordhan Dhameliya (Rajkot Dairy) vice-chairman. This may influence strategic decisions around product portfolio expansion and market positioning in dairy categories including condensed and evaporated milk.
The global condensed milk market is projected to reach USD 16.0 billion by 2034, with supermarkets and hypermarkets serving as the main retail outlets, representing 45.9% of global condensed milk distribution.
Innovation in the industry was on display at the Global Dairy Congress 2025, where Vinamilk showcased its Green Farm high protein line and Vietnam's first 6-HMO infant formula, winning multiple awards including for packaging design.
As consumer habits shift toward convenience and indulgence, condensed milk will remain a vital ingredient across both households and industrial food manufacturing. Despite the modest growth rate, growth is steady and reliable, supported by expanding dairy consumption worldwide, population growth, and evolving consumer preferences for convenient and processed milk products.
[1] Milk Mantra Dairy raises USD 10 million for operational scaling. (2025). [Press release]. [2] Global Condensed Milk Market Size, Share & Trends Analysis Report by Type (Dairy-based, Plant-based), by Application (Confectionery, Bakery, Beverages, Others), and by Region (North America, Europe, Asia Pacific, GCC, and Rest of the World), and Segment Forecasts, 2024 - 2034. (2025). Grand View Research. [3] Doodhvale Farms raises USD 3 million in funding. (2025). [Press release]. [4] Condensed Milk Market Size, Share & Trends Analysis Report by Type (Sweetened, Unsweetened), by Application (Confectionery, Bakery, Beverages, Others), and by Region (North America, Europe, Asia Pacific, GCC, and Rest of the World), and Segment Forecasts, 2024 - 2034. (2025). Market Research Future.
- The food-and-drink industry, particularly the confectionery sector, remains a significant end-user in the global condensed milk market, accounting for a considerable portion of the demand.
- Businesses in the dairy sector, including Nestle, Vinamilk, Friesland Campina, Amul, Milk Mantra Dairy, Doodhvale Farms, and Stellapps, are investing heavily in innovation, sustainability, and market expansion to cater to changing consumer preferences.
- The finance sector plays a crucial role in supporting these dairy businesses, with companies like Milk Mantra Dairy, Doodhvale Farms, and Stellapps raising millions of dollars in funding for operational scaling and expansion.
